Sovcombank, the 3d largest private bank of Russia, and Diasoft, the global provider of financial technology, have been announced winners of the 2021 IDC FinTech Rankings Real Results Award with the project for transformation of the bank’s financial markets business based on the modern composable Digital Q platform by Diasoft.

Now in its 7th year, the IDC FinTech Rankings Real Results Awards recognizes projects that have enabled a genuine, measurable, and future-enabling change in the worldwide financial services industry. This year, the prestigious accolade was awarded to six projects globally. The IDC FinTech Rankings Real Results program is part of the broader IDC FinTech Rankings program that evaluates the top global providers of financial technology. The program is an important measure of the health and direction of technology in the industry and the emergence of innovative solutions from new players. IDC Financial Insights publishes a comprehensive report about the year's findings that is available to view or download HERE.

The award recognizes the visionary approach of Sovcombank and Diasoft to the technological transformation of the bank’s growing business. Within the project, the Sovcombank Group transferred all the functionality from its proprietary software for accounting for financial markets deals to the modern enterprise-grade composable platform “Digital Q.FinancialMarkets” by Diasoft. The implemented platform automated more than 10 strategic LOBs of the Group and allowed the bank to quickly start launching popular investment products and new financial instruments. The whole project was completed in time regardless strict quarantine restrictions.

As the result of the project, Sovcombank and its subsidiaries migrated to the single database, consolidated financial markets accounting for the whole Sovcombank Group, reduced operational risks associated with regulatory requirements and ensured quick TTM for new instruments –

configuration of new non-standard products now takes about 2–3 days, ensuring quick launch of new LOBs. Due to support of modern architectural principles and microservices, Digital Q.FinancialMarkets provided Sovcombank with a reliable platform for its future business development.

Today, the bank successfully expands its market share in securities trading, brokerage and custodian services, develops wealth management services, and launches popular financial instruments, such as high-yield Eurobonds, structured notes with capital protection, derivatives, proprietary financial instruments, investment deposits, precious metals.

“2020 proved to be a year that tested the industry’s ability to stay resilient in the face of challenges on multiple fronts. This year’s IDC FinTech Rankings Real Results program describes examples of financial institutions and technology providers partnering to overcome those challenges in real, substantive ways,” said Jerry Silva, vice president at IDC Financial Insights. “IDC congratulates the vendors that stepped up to the demands of an unusual year of disruption and helped financial organizations get back to the business of innovation.”

For more information about the rankings, visit HERE and follow on Twitter @IDC and look for #IDCFinTechRankings.